Gas Prices Decreasing

Gas prices have fallen over 20 cents since May and are expected to continue dropping, possibly reaching $3 per gallon for the first time since 2021. Various factors, including hurricane season, Iran's support for allies, China's low oil demand, and record U.S. oil production, are contributing to the decrease. Experts predict prices may remain low into next year despite the upcoming general election.

Tropical Storm Ernesto approaching Puerto Rico and U.S. Virgin Islands

Tropical Storm Ernesto is approaching Puerto Rico and the U.S. Virgin Islands, prompting the activation of National Guard and cancellation of school classes. The storm is expected to bring heavy rain, strong winds, and potential power outages.

Tropical Storm Threatening Florida

A storm hovering over Cuba is likely to become a tropical storm and take aim at Florida's west coast and the Gulf of Mexico, bringing heavy rain, storm surge, and potential flooding.

Tropical Rainstorm Forecasted to Strengthen into Tropical Storm Approaching Florida

A tropical rainstorm in the Caribbean is forecast to become a tropical storm as it approaches Florida this weekend, bringing downpours, thunderstorms, and surf. The storm is expected to impact various areas and could potentially stall, causing major flooding.

Severe Flooding in Florida

Florida is experiencing heavy rainfall causing severe flooding, leading to a state of emergency being declared for five counties. The storm is part of the hurricane season and has caused significant damage and disruptions across the state.

Flash Flood Emergency in Southern Florida

Southern Florida experiences rare flash flood emergency due to heavy rainfall, blocking roads and causing delays for residents and the Florida Panthers. Concerns about climate change and an active hurricane season add to the urgency of the situation.

Current Events

Israeli troops launch offensive in central Gaza, causing casualties; Justice Alito involved in flag controversy; Heat warnings for southwestern US; Hurricane season forecasted to be active; NPR covers impact of politics on healthcare; Corpse flowers experience in Bolton.

Extreme Weather Events in 2023 and 2024

Hurricane Lee crosses the Atlantic in 2023, National Hurricane Center predicts 8 hurricanes, 2023 experienced extreme weather events, 2024 expected to be hotter, NPR reports on active Atlantic Hurricane season and federal wildland firefighter shortage.

2024 Hurricane Season Forecast

NOAA predicts an above-average hurricane season for 2024, with 17 to 25 named storms, 8 to 13 hurricanes, and 4 to 7 major hurricanes. Several factors, including high ocean temperatures and La Niña, contribute to the forecast.

Investor Bullishness on U.S. Gasoline Futures

Portfolio investors are bullish on U.S. gasoline futures, anticipating price increases due to low inventories, employment gains, household income growth, and the potential impact of an active hurricane season. Ukraine's drone attacks on Russian refineries add to supply concerns. Hedge funds and money managers hold a significant bullish position, with expectations of further price rises.

Upcoming Hurricane Season Forecast

The upcoming hurricane season is expected to be extremely active with above-average number of named storms, hurricanes, and major hurricanes. Factors contributing to this forecast include record-breaking high temperatures in the Atlantic and a potential shift from El Niño to La Niña weather phenomena.